CRA commits to Cascades Project

The Cascades Project cleared a major hurdle with the Community Redevelopment Agency’s unanimous approval Monday to complete and execute a development agreement with incremental tax rebates. Early project images reveal a colossal mixed-use development unlike anything in Tallahassee’s downtown. It includes a waterfall staircase in the park’s plaza, room for a bakery, a coffee shop, a family restaurant and sports bar with the redevelopment of the Firestone and Bloxham annex buildings. If completed by 2020, it will be the downtown CRA’s largest project ever. Each downtown CRA project would be responsible for upfront costs before receiving incremental tax reimbursements. For example, the Cascades Project would pay its full $132 million (not including the boutique hotel). Once the project is completed, the CRA would provide 90 percent of the developer’s property tax bill each year from 2012 to 2034.